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Lender Alerts

Lender Alerts

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Federal Housing Administration (FHA) Announces Reduced Annual Mortgage Insurance Premium (MIP)

Dear Licensed Partner,

On January 9, 2015, FHA released Mortgage Letter 15-01 reducing the annual MIP rates by .5 percentage points, effective on loans with terms greater than 15 years and case numbers assigned on or after January 26, 2015.

This new rate will not be applicable for the below programs:

  • Single family streamline refinance transactions that are refinancing existing FHA loans endorsed on or before May 31, 2009;
  • Section 247 mortgages (Hawaiian Homelands)

The new annual MIP rates can be referenced using the table below:

Loan term more than 15 years
Base Loan Amount  LTV Previous MIP New MIP
Less than or equal to $625,500  Less than or equal to 95% 130 bps  80 bps 
Less than or equal to $625,500  Greater than 95%  135 bps  85 bps 
Greater than $625,500  Less than or equal to 95%  150 bps  100 bps 
Greater than $625,500  Greater than 95%  155 bps  105 bps 

FHA will allow mortgagees to cancel existing case numbers within 30 days of the effective date of the Mortgagee Letter 15-01 and to reassign new case numbers as a benefit to the borrower.

If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.


Sun West Mortgage Company, Inc.
18000 Studebaker Road, Suite 200
Cerritos, CA 90703
Phone: (800) 453-7884
SW-1: Our New No Overlays Program


Equal Housing Opportunity This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.